Other commercial property stories in short
Square shop for 4.75m
Agent HWBC is quoting a guide price of €4.75 million or a rent of €187,500 for a shop along the busiest stretch of level two of The Square in Tallaght, Dublin 24. The shop is the last investment in the shopping complex held by Canada Life. It is likely to be sold to one of the existing owners wishing to increase their holdings in advance of the planned extension of The Square.
The shop extends to 105sq m (1,130sq ft) and occupies a prominent position immediately adjoining New Look, Boots and JD Sports.
Moran on international board
John Moran, director of capital markets with Jones Lang LaSalle in Dublin, has been appointed to the international board of the company which oversees 30,300 employees in 450 cities and 50 counties around the world with annual revenues of over $2bn (€1.269bn). John Mulcahy, managing director of Jones Lang LaSalle and also an international director, said Moran had made major contributions to their clients and to the company. Moran has been with Jones Lang LaSalle since 1986 and specialises in investment acquisitions and disposals for pension funds, property companies, life assurance firms and private investors. He has been involved in some of the largest property deals in Ireland in recent years like the sale and leaseback of AIB's Bankcentre for more than €750 million.
€200,000 premium for lease
O'Brien's Sandwich Bar has closed on Dublin's Liffey Street only months after Butlers opened their stylish chocolate café a few doors away. Agent McNally Handy is now seeking key money of €200,000 for the lease of the 45sq m (484sq ft) premises which is rented at €56,936 from property developer Liam Carroll.
Over on Westmoreland Street, another O'Briens franchisee is moving out and is looking for a premium of €350,000 for the lease. The turnover last year was €700,000 and the 61.8sq m (665sq ft) shop (plus a similarly sized basement) is rented at €150,000 per annum.
€2m for D4 ready-to-go site
CB Richard Ellis is seeking €2 million for a ready-to-go infill site with planning permission for three three-storey mews houses at 82-84 Baggot Lane, Dublin 4. Baggot Lane runs to the rear of Pembroke Road, stretching from St Mary's Road South to Northumberland Road. The site extends to 0.03 of a hectare (0.08 of an acre) and is occupied by a warehouse and office building. The planning permission provides for car-parking on site and screened rear balconies at first and second floor levels. The houses will have floor areas of 140-146sq m (1,507-1,572sq ft).
Property spend to fall 30%
The overall Irish spend on property is forecast to fall by 30 per cent this year to €30 billion, says Joan Henry, head of research at Savills HOK. Writing in the latest edition of the company's Property Outlook, she predicts that the spend on new homes will drop from €23 billion in 2007 to a little over €13 billion this year, based on house completions falling to 40,000. She says the spend in the investment market could be down 50 per cent from last year's €2 billion while the money being spent on land in this country would be "much more modest" than in the last two years. On the plus side, she forecasts a considerable increase in investor spend overseas.
